USDA Rural Development Announces Top Lenders in Guarantee Rural Housing Program

Name
Krista Mettscher
City
Lincoln
State
Nebraska
Release Date
Oct 24, 2014

USDA Rural Development has announced its Top 10 approved lenders in loan activity for its Guaranteed Rural Housing (GRH) loan program in Nebraska for Fiscal Year 2014 and its $3 million and $2 million club lenders.  Earlier this year, a borrower and lender completed a loan that put Nebraska at more than $1 Billion in total loans since the program’s inception in 1992.

In Fiscal Year 2014, 79 approved lenders participated in the GRH program and provided more than $104.4 million to assist 1,081 rural Nebraska households in achieving homeownership.

The Top 10 Lenders include:

Charter West National Bank           139 Loans       $13,132,761

Pinnacle Bank                                 77 Loans       $ 7,828,155

Wells Fargo Bank N.A.                    66 Loans       $ 6,350,995

Platte Valley Bank                          58 Loans       $ 5,728,584

Farmers & Merchants Bank             55 Loans       $ 5,700,068

First National Bank of Omaha         40 Loans      $ 3,993,709

Cornerstone Bank                           37 Loans       $ 3,269,109

Great Western Bank                        36 Loans       $ 3,349,849

Adams Bank & Trust                        33 Loans      $ 2,713,966

Midwest Bank N.A.                          30 Loans       $ 2,611,63

In addition to the Top 10 lenders by the number of loans, the following are lenders that are in the $3 million Club and $2 million Club through the GRH Program in Nebraska:

 

$3 Million Club Lenders:

Liberty First Credit Union               25 loans          $ 3,278,396

Stonegate Mortgage Corp.             26 loans          $ 3,015,402

 

$2 Million Club Lenders:

BankFirst                                      25 loans          $ 2,472,763

Elkhorn Valley Bank & Trust         29 loans          $ 2,453,385

Lincoln Federal Savings Bank     25 loans          $ 2,363,333

FirstBank of Nebraska                  26 loans          $ 2,307,790

First Mortgage Company, LLC      24 loans          $ 2,249,308    

These lenders will be recognized by Rural Development and will receive a plaque acknowledging their activity in the GRH program, which has fostered rural homeownership in the state.

USDA Rural Development oversees a single family housing portfolio in Nebraska of more than $640 million, consisting of more than 8,200 loans that have maintained low delinquency rates.

The GRH program is a federal program that is budget neutral.  The program does not rely on taxpayer dollars to fund the program and is self-supporting through the fees generated through the loans.

Fiscal Year 2015 should be a strong year as well.  Nebraska Rural Development State Director Maxine Moul said, "The guaranteed rural housing loan program is very solid.  Year after year we have assisted many individuals and families with the purchase of a home in rural Nebraska.  I encourage approved lenders to continue to use this program, helping even more Nebraskans to achieve homeownership."

Through the GRH program, loan funds are provided by private lending institutions and guaranteed by the federal government.  The program features no down payment to eligible income households and no maximum mortgage limits.  Homes must be located in rural areas. All communities in Nebraska are eligible for USDA Rural Development housing programs with the exceptions of Fremont, Grand Island, Hastings, Kearney, Lincoln, North Platte, Omaha and South Sioux City/Dakota City. See http://eligibility.sc.egov.usda.gov/eligibility/  for eligible areas. GRH loans have been processed in 79 out of the 93 counties throughout Nebraska.

Existing guaranteed or direct loan borrowers may refinance their home loans under the GRH loan program.  This provides a borrower with an opportunity to obtain a possible lower interest rate.

Visit http://www.rurdev.usda.gov/NEHome.html.  For additional information on RD projects, please visit Rural Development’s new interactive web map featuring program funding and success stories for fiscal years 2009-2013. The data can be found at: http://www.rurdev.usda.gov/RDSuccessStories.html.

For additional information on becoming an approved lender, contact Krista Mettscher at USDA Rural Development, 100 Centennial Mall North, Suite 308 Lincoln, NE 68508, (402) 437-5518 or at krista.mettscher@ne.usda.gov.  Visit www.rurdev.usda.gov/ne/.

President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values.